STR 581/ STR 581 Capstone Final Examination, Part 3 (Perfect Answer)

1. A company that attempts to lead its industry in price and convenience by pursuing a focus on lean and efficient operations is pursuing what strategy?  

Operational excellence      

Low-cost leadership           

Customer intimacy  

Product leadership

2. One of the ways to change the course of a brand is to modify the product. Under product modification, ________ adds size, weight, materials, supplements, and accessories that expand the product’s performance, versatility, safety, or convenience.         

technological improvement           

feature improvement          

style improvement   

quality improvement

3. Marketers need to identify the hierarchy of attributes that guide consumer decision making in order to understand different competitive forces and how these various sets get formed. This process of identifying the hierarchy is called ________.   

market estimation    

brand association   

market partitioning  

market valuation

4. This is designed to check systematically and continuously whether the premises on which the strategy is based are still valid  

Special alert control

Strategic surveillance        

Implementation control      

Premise control

5. A firm must know to position its product based where on price and  

promotional efforts  

quality           

communication       

region

6. When performing this analysis, it is good for strategic planners to consider similarities between the benefits the customers derive from the products and services that other firms offer.   

Competitive analysis          

Business analysis  

Customer analysis  

Company analysis

7. What is the perceived monetary value of the bundle of economic, functional, and psychological benefits customers expect from a given market offering because of the product, service, people, and image? 

Ultimate service benefit     

Complete marketing benefit          

Total customer benefit       

Total management benefit

8. A valuable result of task environment analysis with respect to geographic, demographic, psychographic and buyer-behavior factors is called         

competitor profile    

financial position    

vendor profile          

customer profile

9. The ability to meet humanity’s needs without harming future generations is now a top priority in most corporate agenda   

ethics

sustainability           

rules  

righteousness

10. Large-scale, future-oriented plans for interacting with the competitive environment to achieve the company objective refers to its      

strategy         

dynamic policies     

competitive analysis           

goals

11. With ________ as a target market strategy, the firm concentrates on serving many needs of a particular customer group.         

single-segment concentration      

product specialization        

market specialization         

selective specialization

12. Company X's principal strength is its inbound and outbound logistics system; its relative weakness, however, is after-sales service. Its competitor, Company Y, however is often plagued with lagging shipments and an inflexible distribution setup. Company Y remains successful because it maintains a fully staffed service department and, as a result, the company is known for its dependable service. This type of analysis allows them to identify ways to build on relative strengths and avoid dependence on capabilities at which the other firm excels.      

Disaggregating        

Benchmarking         

Past performance comparison     

Industry comparison

13. The strategic factor that involves the beliefs, values, attitudes, opinions, and lifestyles of persons in the firm’s external environment, as developed from cultural, ecological, demographic, religious, educational, and ethnic conditioning.      

Political factor          

Stakeholder factor  

Economic factor      

Social factor

14. Leaders galvanize commitment to embrace change through clarifying strategic intent, building an organization, and        

shaping organizational culture    

developing a vision

developing a mission         

planning strategy

15. How do functional tactics compare to business strategies? 

Functional tactics are more focused on the general direction of the firm than business strategies.           

Functional tactics are more focused on a commitment to corporate strategy than business strategies.     

Functional tactics are more specific than business strategies.          

Functional tactics are more long-term than business strategies.

16. Under which of the following conditions is the frequency the most important factor in media selection?   

When introducing flanker brands

When going into undefined target markets       

When launching infrequently purchased brands        

When there is high consumer resistance to the product

 17. New-to-the-world products are ________.           

new product enhancements that supplement established products

low-cost products designed to obtain an edge in highly competitive markets         

new products that create an entirely new market         

existing products that are targeted to new geographical markets

18. BMW’s "The ultimate driving machine," American Express' "Don't leave home without it," New York Times' "All the news that's fit to print," and AT&T's "Reach out and touch someone" are all examples of ________.    

brand mission          

brand vision 

brand slogan           

brand personality

19. Which component of a marketing audit includes major developments in income, prices, savings, and credit that affect the company?           

Economic     

Political         

Cultural         

Technological

20. Prestige LLC, a small company that manufactures specialty cereals and energy bars, wants to launch a "green marketing" program in response to heightened consumer awareness about environmental issues. What should the company do to maximize the program's chances of being successful?

Explain the rules and regulations laid out by governmental agencies to protect the environment.           

Focus on the efforts and costs incurred by the company to bring these "green" products to consumers.  

Emphasize benefits to the consumer rather than environmental benefits. 

Demonstrate that the products will benefit both customers and the society in the long-term.

21. When diversification involves additions of a business related to the firm in terms of technology, markets or products, it involves           

vertical diversification        

concentric diversification  

horizontal integration         

concentrated growth

22. These social responsibilities are those that are voluntarily assumed by a business or organization. They include public relations activities, good citizenship, and full corporate social responsibility.        

Economic responsibility    

Legal responsibility

Employee responsibility    

Discretionary responsibility

23. Which control should periodically reassess its approach to the marketplace with a good marketing audit?   

Strategic control      

Marketing control    

Ethical control         

Performance control

24. What type of strategy consists of geographical pricing, price discounts and allowances, promotional pricing, and differentiated pricing?      

Regular prices         

Fixed pricing

Price adaptation      

Altered pricing

25. A set of ideas on organizational control based on the belief that the separation of the ownership from management creates the potential for the wishes of owners to be ignored refers to  

agency theory          

the moral hazard problem 

Adam’s theory         

ethical responsibilities

26. Firms using this generic strategy attempt to build customer loyalty by stressing a specific product attribute above other product qualities.      

Cost leadership       

Concentrated growth         

Focus

Differentiation

27. A company can learn a great deal by analyzing the degrees of brand loyalty. For example, ________ can show the firm which brands are most competitive with its own.          

switchers      

hard-core loyals      

shifting loyals          

split loyals

28. This is an important structural decision and resultant separate activities need to be coordinated and integrated back together as a whole so the business functions effectively.        

Broadening  

Differentiation         

Diversification         

Preferencing

29. This is a historically popular technique through which managers create a quick overview of a company's strategic situation—it is based on achieving a sound fit between internal resources and the external situation.      

Internal analysis     

Value chain analysis         

External analysis    

SWOT analysis

30. The marketing manager needs to know the cost of the research project before approving it. During which stage of the marketing research process would such a consideration most likely take place?          

Step 4 – analyzing the information         

Step 5 – drafting the report

Step 1 – defining the problem

Step 2 – developing the research plan